Page:United States Statutes at Large Volume 105 Part 3.djvu/412

105 STAT. 2296 PUBLIC LAW 102-242—DEC. 19, 1991 "(1) FIRST TIER.— Any foreign bank, or any office or subsidiary of a foreign bank, that— "(A) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such error— "(i) fails to make, submit, or publish such reports or information as may be required under this Act or under regulations prescribed by the Board or the Comptroller of the Currency under this Act, within the period of time specified by the agency; or "(ii) submits or publishes any false or misleading report or information; or "(B) inadvertently transmits or publishes any report that is minimally late, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or misleading information is not corrected. The foreign bank, or the office or subsidiary of a foreign bank, shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late. "(2) SECOND TIER.— Any foreign bank, or any office or subsidiary of a foreign bank, that— "(A) fails to make, submit, or publish such reports or

information as may be required under this Act or under regulations prescribed by the Board or the Comptroller of the Currency pursuant to this Act, within the time period specified by such agency; or "(B) submits or publishes any false or misleading report or information, in a manner not described in paragraph (1) shall be subject to a penalty of not more than $20,000 for each day during which such failure continues or such false or misleading information is not corrected. "(3) THIRD TIER. — Notwithstanding paragraph (2), if any company knowingly or with reckless disregard for the accuracy of any information or report described in paragraph (2) submits or publishes any false or misleading report or information, the Board or the Comptroller of the Currency may, in the Board's or Comptroller's discretion, assess a penalty of not more than $1,000,000 or 1 percent of total assets of such foreign bank, or such office or subsidiary of a foreign bank, whichever is less, per day for each day during which such failure continues or such false or misleading information is not corrected. "(4) ASSESSMENT OF PENALTIES. —Any penalty imposed under paragraph (1), (2), or (3) shall be assessed and collected by the Board or the Comptroller of the Currency in the manner provided in subsection (a)(2) (for penalties imposed under such subsection) and any such assessment (including the determination of the amount of the penalty) shall be subject to the provisions of such subsection. " (5) HEARING PROCEDURE. —Section 8(h) of the Federal Deposit Insurance Act shall apply to any proceeding under this subsection.".